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San Jose FBAR Attorney | International Tax Lawyer California

If you reside in San Jose, California and have unreported foreign bank and financial accounts, you may be looking for a San Jose FBAR Attorney.  Sherayzen Law Office, Ltd. is a leader in FBAR compliance, including offshore voluntary disclosures concerning delinquent FBARs, and you should consider us in your search. Let’s understand why this is the case.

San Jose FBAR Attorney: International Tax Lawyer

First of all, it is very important to understand that, by looking for San Jose FBAR attorney, in reality, you are searching for an international tax lawyer who specializes in FBAR compliance.

The reason for this conclusion is the fact that FBAR enforcement belongs to a very special field of US tax law – US international tax law. FBAR is an information return concerning foreign assets, which necessarily involves US international tax compliance concerning foreign assets/foreign income. Moreover, ever since the FBAR enforcement was turned over to the IRS in 2001, the term FBAR attorney applies almost exclusively to tax attorneys.

Hence, when you look for an FBAR attorney, you are looking for an international tax attorney with a specialty in FBAR compliance.

San Jose FBAR Attorney: Broad Scope of Compliance and Offshore Voluntary Disclosures

When retaining San Jose FBAR attorney, consider the fact that such an attorney’s work is not limited only to the preparation and filing of FBARs. Rather, the attorney should be able to deliver a variety of tax services and freely operate with experience and knowledge in all relevant areas of US international tax law, including the various offshore voluntary disclosure options concerning delinquent FBARs.

Moreover, as part of an offshore voluntary disclosure, an FBAR Attorney often needs to amend US tax returns, properly prepare foreign financial statements according to US GAAP, correctly calculate PFICs, and complete an innumerable number of other tasks.

Mr. Sherayzen and his team of motivated experienced tax professionals of Sherayzen Law Office have helped hundreds of US taxpayers worldwide to bring their tax affairs into full compliance with US tax laws. This work included the preparation and filing of offshore voluntary disclosures concerning delinquent FBARs. Sherayzen Law Office offers help with all kinds of offshore voluntary disclosure options, including: SDOP (Streamlined Domestic Offshore Procedures)SFOP (Streamlined Foreign Offshore Procedures)DFSP (Delinquent FBAR Submission Procedures), DIIRSP (Delinquent International Information Return Submission Procedures), IRS VDP (IRS Voluntary Disclosure Practice) and Reasonable Cause disclosures.

San Jose FBAR Attorney: Out-Of-State International Tax Lawyer

Whenever you are looking for an attorney who specializes in US international tax law (which is a federal area of law, not a state one), you do not need to limit yourself to lawyers who reside in San Jose, California. On the contrary, consider international tax attorneys who reside in other states and help San Jose residents with their FBAR compliance.

Contact Sherayzen Law Office for Professional FBAR Help

Sherayzen Law Office is an international tax law firm that specializes in US international tax compliance, including FBARs. While our office is in Minneapolis, Minnesota, we help taxpayers who reside throughout the United States, including San Jose, California.

Thus, if you are looking for a San Jose FBAR Attorney, contact Mr. Sherayzen as soon as possible to schedule Your Confidential Consultation!

2023 FBAR Conversion Rates | FBAR International Tax Lawyer

The 2023 FBAR conversion rates are very important for your US international tax compliance. The reason for their importance is their relation to FBAR (FinCEN Form 114) and the IRS Form 8938. The 2023 FBAR and 2023 Form 8938 instructions both require that 2023 FBAR conversion rates be used to report the required highest balances of foreign financial assets on these forms (in the case of Form 8938, the 2023 FBAR conversion rates is the default choice, not an exclusive one). In other words, the 2023 FBAR conversion rates are used to translate foreign-currency highest balances into US dollars for the purposes of FBAR and Form 8938 compliance.

The U.S. Department of Treasury  already published the 2023 FBAR conversion rates online (they are called “Treasury’s Financial Management Service rates” or the “FMS rates”).

Since the 2023 FBAR conversion rates are highly important to US taxpayers, international tax lawyers and international tax accountants, Sherayzen Law Office provides the table below listing the official 2023 FBAR conversion rates (note that the readers still need to refer to the official website for any updates).

Country – Currency Foreign Currency to $1.00
AFGHANISTAN – AFGHANI70.54
ALBANIA – LEK93.23
ALGERIA – DINAR134.051
ANGOLA – KWANZA842.5
ANTIGUA – BARBUDA – E. CARIBBEAN DOLLAR2.7000
ARGENTINA – PESO827.75
ARMENIA – DRAM400
AUSTRALIA – DOLLAR1.472
AUSTRIA – EURO0.905
AZERBAIJAN – NEW MANAT1.7
BAHAMAS – DOLLAR1.0000
BAHRAIN – DINAR0.3770
BANGLADESH – TAKA113
BARBADOS – DOLLAR2.02
BELARUS – NEW RUBLEUNAVAILABLE*
BELGIUM – EURO0.905
BELIZE – DOLLAR2
BENIN – CFA FRANC 589
BERMUDA – DOLLAR1
BOLIVIA – BOLIVIANO6.86
BOSNIA – MARKA1.769
BOTSWANA – PULA13.387
BRAZIL – REAL4.852
BRUNEI – DOLLAR1.32
BULGARIA – LEV New1.769
BURKINA FASO – CFA FRANC589
BURUNDI – FRANC2850
CAMBODIA – RIEL4051
CAMEROON – CFA FRANC593.41
CANADA – DOLLAR1.326
CAPE VERDE – ESCUDO99.75
CAYMAN ISLANDS – DOLLAR0.82
CENTRAL AFRICAN REPUBLIC – CFA FRANC593.41
CHAD – CFA FRANC593.41
CHILE – PESO880
CHINA – RENMINBI7.104
COLOMBIA – PESO3873
COMOROS – FRANC443.49
CONGO – CFA FRANC593.41
COSTA RICA – COLON519.22
COTE D’IVOIRE – CFA FRANC589
CROATIA – EURO0.905
CUBA – Chavito1
CUBA – PESO24
CYPRUS – EURO0.905
CZECH REPUBLIC – KORUNA21.731
DEM. REP. OF CONGO – FRANC2660
DENMARK – KRONE6.744
DJIBOUTI – FRANC177
DOMINICAN REPUBLIC – PESO57.9
ECUADOR – DOLARES1.0000
EGYPT – POUND30.9
EL SALVADOR – DOLARES1.0000
EQUATORIAL GUINEA – CFA FRANC593.41
ERITREA – NAKFA15
ESTONIA – EURO0.905
ESWATINI – LILANGENI18.427
ETHIOPIA – BIRR55.997
EURO ZONE – EURO0.905
FIJI – DOLLAR2.165
FINLAND – EURO0.905
FRANCE – EURO0.905
GABON – CFA FRANC593.41
GAMBIA – DALASI64
GEORGIA – LARI2.665
GERMANY – EURO0.905
GHANA – CEDI11.9
GREECE – EURO0.936
GRENADA – EAST CARIBBEAN DOLLAR2.7
GUATEMALA – QUETZAL7.815
GUINEA BISSAU – CFA FRANC589
GUINEA – FRANC8511
GUYANA – DOLLAR215
HAITI – GOURDE131.23
HONDURAS – LEMPIRA24.624
HONG KONG – DOLLAR7.811
HUNGARY – FORINT345.78
ICELAND – KRONA136.04
INDIA – RUPEE83.162
INDONESIA – RUPIAH15372.69
IRAN – RIAL42000
IRAQ – DINAR1308
IRELAND – EURO0.905
ISRAEL – SHEKEL3.619
ITALY – EURO0.905
JAMAICA – DOLLAR154
JAPAN – YEN141.47
JORDAN – DINAR0.708
KAZAKHSTAN – TENGE456.29
KENYA – SHILLING156.5
KOREA – WON1299.22
KOSOVO – EURO0.905
KUWAIT – DINAR0.307
KYRGYZSTAN – SOM89.062
LAOS – KIP20476
LATVIA – EURO0.905
LEBANON – POUND15000
LESOTHO – MALOTI18.427
LIBERIA – DOLLAR189
LIBYA – DINAR4.754
LITHUANIA – EURO0.905
LUXEMBOURG – EURO0.905
MADAGASCAR – ARIARY4564
MALAWI – KWACHA1700
MALAYSIA – RINGGIT4.59
MALDIVES – RUFIYAA15.42
MALI – CFA FRANC589
MALTA – EURO0.905
MARSHALL ISLANDS – DOLLAR1
MAURITANIA – OUGUIYA39.16
MAURITIUS – RUPEE43.87
MEXICO – PESO16.949
MICRONESIA – DOLLAR1
MOLDOVA – LEU17.25
MONGOLIA – TUGRIK3410.69
MONTENEGRO – EURO0.905
MOROCCO – DIRHAM9.855
MOZAMBIQUE – METICAL 63.25
MYANMAR – KYAT3380
NAMIBIA – DOLLAR18.427
NEPAL – RUPEE133.05
NETHERLANDS – EURO0.905
NETHERLANDS ANTILLES – GUILDER1.78
NEW ZEALAND – DOLLAR1.585
NICARAGUA – CORDOBA36.6
NIGER – CFA FRANC589
NIGERIA – NAIRA910
NORWAY – KRONE10.166
OMAN – RIAL0.385
PAKISTAN – RUPEE276.2
PALAU – DOLLAR1
PANAMA – DOLARES1
PAPUA NEW GUINEA – KINA3.727
PARAGUAY – GUARANI7249.99
PERU – SOL3.675
PHILIPPINES – PESO55.451
POLAND – ZLOTY3.924
PORTUGAL – EURO0.905
QATAR – RIYAL3.645
REP. OF N MACEDONIA – DINAR55.45
ROMANIA – NEW LEU 4.499
RUSSIA – RUBLE89.067
RWANDA – FRANC1250
SAO TOME & PRINCIPE – NEW DOBRAS22.142
SAUDI ARABIA – RIYAL3.75
SENEGAL – CFA FRANC589
SERBIA – DINAR105.92
SEYCHELLES – RUPEE13.473
SIERRA LEONE – LEONE22.7
SIERRA LEONE – OLD LEONE21.4
SINGAPORE – DOLLAR1.32
SLOVAK REPUBLIC – EURO0.905
SLOVENIA – EURO0.905
SOLOMON ISLANDS – DOLLAR8.065
SOMALI – SHILLING568
SOUTH AFRICA – RAND18.427
SOUTH SUDANESE – POUND1070
SPAIN – EURO0.905
SRI LANKA – RUPEE323.8
ST LUCIA – E CARIBBEAN DOLLAR2.7
SUDAN – SUDANESE POUND830
SURINAME – GUILDER36.723
SWEDEN – KRONA10.031
SWITZERLAND – FRANC0.838
SYRIA – POUND8585
TAIWAN – DOLLAR30.641
TAJIKISTAN – SOMONI10.93
TANZANIA – SHILLING2505
THAILAND – BAHT34.33
TIMOR – LESTE DILI1
TOGO – CFA FRANC589
TONGA – PA’ANGA2.26
TRINIDAD & TOBAGO – DOLLAR6.749
TUNISIA – DINAR3.064
TURKEY – NEW LIRA29.547
TURKMENISTAN – NEW MANAT3.491
UGANDA – SHILLING3775
UKRAINE – HRYVNIA38.089
UNITED ARAB EMIRATES – DIRHAM3.673
UNITED KINGDOM – POUND STERLING0.786
URUGUAY – PESO39.02
UZBEKISTAN – SOM12333.77
VANUATU – VATU116
VENEZUELA – BOLIVAR SOBERANO35.841
VENEZUELA – FUERTE (OLD)248832
VIETNAM – DONG24260
WESTERN SAMOA – TALA2.653
YEMEN – RIAL528
ZAMBIA – NEW KWACHA 25.71
ZIMBABWE – RTGS5801.47

*Note #1: As of the time of this article, the Department of Treasury still has not published the FBAR rate for Belarus. Please, consult the Department of the Treasury for clarification.

Form 114 US Person Definition | FBAR Tax Lawyer

FinCEN Form 114 US Person definition is a highly important component of FBAR and US international tax compliance.  In this essay, I will discuss in detail the FinCEN Form 114 US Person definition and highlight some common issues that arise with respect to this definition.

Form 114 US Person Definition: What is Form 114 and What is its Relation to FBAR

FinCEN Form 114, Report of Foreign Bank and Financial Accounts (used to be TD F 90-22.1) is commonly known as FBAR, the Report of Foreign Bank and Financial Accounts. This form is used by US persons to report to the IRS a financial interest in or signatory authority over foreign financial accounts.  This is one of the most important forms that US taxpayers need to file in order to comply with their US international tax law requirements. A failure to file an FBAR when required may result in an imposition of severe IRS penalties.

Form 114 US Person Definition: Only US Persons are Required to File FBARs

It is important to understand that only “US Persons”, as defined by the IRS for the FBAR compliance purposes, are required to file FBARs.  What is the legal basis for this and where does this term “US Person” come from?

BSA (Bank Secrecy Act) §5314(a) states that the Secretary of the Treasury shall require a “resident or citizen of the United States or a person, in, and doing business in, the United States, to keep records, file reports”.  This seems like the FBAR requirement may apply a hugely broad group of people (far beyond US residents and citizens), especially if one takes into account that the “United States” is defined to include all 50 states, the District of Columbia, the territories, and insular possessions of the United States and the Indian lands as defined in the Indian Gaming Regulatory Act. 31 CFR §§1010.350(b) and 1010.100(hhh).  The territories and possessions of the United States include American Samoa, the Commonwealth of the Northern Mariana Islands, the Commonwealth of Puerto Rico, Guam, and the US Virgin Islands (see BSA Electronic Filing Requirements for Report of Foreign Bank and Financial Accounts (FinCEN Form 114), p. 5.).

Despite this initial impression, the actual definition that we use today is much smaller than what is mandated by §5314(a) and it is thanks to BSA §5314(b)BSA §5314(b) states that the IRS has the discretion to interpret what this provision actually means and who is exempt from the FBAR filing requirement.

Armed with this authority, on February 26, 2010, the IRS issued proposed regulations, which for the first time defined that only “US Persons” needed to file FBARs. This is why we discuss the definition of a US Person when we discuss who is required to file FBARs.

Form 114 US Person Definition: Who is a Person

Before we turn to the definition of a “US Person”, we need to discuss who is considered to be a “Person” for the Form 114 purposes. Under 31 CFR §1010.350(b), a “person” includes:  natural persons (US citizens and US residents) and entities, including but not limited to: corporations, partnerships, trusts, or limited liability companies formed under the laws of the United States.  This definition includes entities disregarded for tax purposes (as long as they are US persons).

Additionally, pension and welfare plans are also US entities that need to file FBARs. See Amendment to the Bank Secrecy Act Regulations—Reports of Foreign Financial Accounts, 76 Fed. Reg. 10, 234 (Feb. 24, 2011); IRM 4.26.16.2.1.3(3) (06-24-21).  Even though the regulations do not mention it, the Form 114 instructions expand the “person” definition to estates.  It is important to note that, according to page 6 of the FBAR electronic filing instructions, an executor of an estate has a fiduciary obligation to file FBAR on behalf of the estate and on behalf of the decedent in the year following the decedent’s death.

Form 114 US Person Definition: General Definition of a US Person

The definition of a US person includes the following categories of persons:

(1) US citizens;

(2) residents of the United States;

(3) an entity, such as a corporation, partnership and a limited liability company, created or organized in the United States or under the laws of the United States;

(4) a trust formed under the laws of the United States; and

(5) an estate formed under the laws of the United States.

Let’s analyze each of these categories in more detail.

Form 114 US Person Definition: US Citizens

All US citizens are subject to the FBAR filing requirement, even minor children.  The general definition of a US citizen is contained in 8 USC §1401.

Form 114 US Person Definition: US Residents

All US residents are subject to FBAR filing requirements.  Pursuant to 31 CFR §1010.350(b)(2), the definition of “US residents” follows the definition of a resident alien under §7701(b) with one modification – the definition of the “United States” still follows 1010.100(hhh) described above. Also, see IRM 4.26.16.2.1.2 (11-06-15).

There are three classes of US residents: (1) US permanent residents; (2) persons who satisfied the Substantial Presence Test; and (3) persons who elected to be treated as US residents.  Let’s discuss each of these classes of US residents in more detail.

1.  US Permanent Residents (the “Green Card Test”)

A person is considered a US person if at any time during the calendar year the person has been lawfully granted the privilege of residing permanently in the United States under the immigration laws and such status has not been revoked. 26 USC §§7701(b)(1)(A)(i) and 7701(b)(6).

One of the most common issues occurs when a person has been issued a green card and he has not yet physically entered the United States. In such cases, this person would not be considered as a resident alien until he actually physically enters the United States. 26 USC §7701(b)(2)(A)(ii).  Once he enters the country, however, he becomes a US permanent resident and continues to be one until the green card is revoked or considered abandoned either judicially or administratively. See 26 CFR §301.7701(b)-1(b)(2) and 26 CFR §301.7701(b)-1(b)(3).

2.  Substantial Presence Test

Even if a person is not a US permanent resident, he may still be considered a US Person if he meets the IRC §7701(b)(3) substantial presence test.  In reality, there are two substantial presence tests.

The first substantial presence test is met if a person is physically present in the United States for at least 183 days during the calendar year. 26 USC §7701(b)(3).  The second substantial presence test is met if two conditions are satisfied: (1) the person is present in the United States for at least 31 days during the calendar year; and (2) the sum of the days on which this person was present in the United States during the current and the two preceding calendar years (multiplied by the fractions found in §7701(b)(3)(A)(ii)) equals to or exceeds 183 days. 26 USC 7701(b)(3)(A).

Let’s focus on the mechanics of the second calculation.  The way to determine whether the 183-day test is met is to add: (a) all days present in the United States during the current calendar year (i.e. the year for which you are trying to determine whether the Substantial Presence Test is met) + (b) one-third of the days spent in the United States in the year immediately preceding the current year + (c) one-sixth of the days spent in the United States in the second year preceding the current calendar year. See 26 USC §7701(b)(3).

Note that the Internal Revenue Code (IRC) provides a number of important exceptions to the Substantial Presence Test.  In this article, I am just providing the general rule.

3.  Election to be Treated as a US Resident Alien

A person who makes the first-year election to be treated as a US resident alien pursuant to §7701(b)(4) is a US Person for FBAR purposes.   Note, however, that this rule applies only to elections made under this provision.  A nonresident alien spouse of a US person who makes an election under the IRC §§6013(g) and 6013(h) to be treated as a resident alien will not be considered as a US person for the FBAR compliance purposes.  This is an important divergence between the income tax and FBAR rules.

Form 114 US Person Definition: US Entities, Trusts & Estates

Entities (corporations, partnerships, limited liability companies, et cetera), trusts and estates created, organized or formed in the United States or under the laws of the United States are generally considered to be US Persons for FBAR purposes.

A foreign subsidiary of a US parent will not have any FBAR obligations as long as it is not formed, created or organized under the laws of the United States. However, the US parent company may be required to include the foreign accounts of its foreign subsidiary on its FBAR. 31 CFR §1010.350(e)(2)(ii).

Moreover, a foreign entity organized in and under the laws of a foreign country will not be subject to the FBAR requirements even if it elects to be treated as a US entity for US tax purposes. See Amendment to the Bank Secrecy Act Regulations—Reports of Foreign Financial Accounts, 76 Fed. Reg. 10, 234-238 (Feb. 24, 2011).

Contact Sherayzen Law Office for Professional Help with Your FBAR Compliance

If you need questions concerning your FBAR compliance or a voluntary disclosure concerning your prior FBAR noncompliance, contact Sherayzen Law Office for professional help!  Our firm specializes in FBAR compliance and offshore voluntary disclosures to remedy prior FBAR noncompliance.

We have helped hundreds of clients around the world and we can help you! Contact Us Today to Schedule Your Confidential Consultation!

2022 FBAR Conversion Rates | FBAR Tax Lawyer & Attorney

The 2022 FBAR conversion rates are very important for your US international tax compliance. The reason for their importance is their relation to FBAR (FinCEN Form 114) and the IRS Form 8938. The 2022 FBAR and 2022 Form 8938 instructions both require that 2022 FBAR conversion rates be used to report the required highest balances of foreign financial assets on these forms (in the case of Form 8938, the 2022 FBAR conversion rates is the default choice, not an exclusive one). In other words, the 2022 FBAR conversion rates are used to translate foreign-currency highest balances into US dollars for the purposes of FBAR and Form 8938 compliance.

The U.S. Department of Treasury  already published the 2022 FBAR conversion rates online (they are called “Treasury’s Financial Management Service rates” or the “FMS rates”).

Since the 2022 FBAR conversion rates are highly important to US taxpayers, international tax lawyers and international tax accountants, Sherayzen Law Office provides the table below listing the official 2022 FBAR conversion rates (note that the readers still need to refer to the official website for any updates).

Country – Currency Foreign Currency to $1.00
AFGHANISTAN – AFGHANI89.11
ALBANIA – LEK106.5
ALGERIA – DINAR136.467
ANGOLA – KWANZA503.65
ANTIGUA – BARBUDA – E. CARIBBEAN DOLLAR2.7000
ARGENTINA – PESO183
ARMENIA – DRAM400
AUSTRALIA – DOLLAR1.471
AUSTRIA – EURO0.936
AZERBAIJAN – NEW MANAT1.7
BAHAMAS – DOLLAR1.0000
BAHRAIN – DINAR0.3770
BANGLADESH – TAKA105
BARBADOS – DOLLAR2.02
BELARUS – NEW RUBLE2.518
BELGIUM – EURO0.936
BELIZE – DOLLAR2
BENIN – CFA FRANC 614.84
BERMUDA – DOLLAR1
BOLIVIA – BOLIVIANO6.86
BOSNIA – MARKA1.83
BOTSWANA – PULA12.739
BRAZIL – REAL5.286
BRUNEI – DOLLAR1.34
BULGARIA – LEV New1.83
BURKINA FASO – CFA FRANC614.84
BURMA – KYAT2100
BURUNDI – FRANC2045.3
CAMBODIA – RIEL4051
CAMEROON – CFA FRANC613.79
CANADA – DOLLAR1.354
CAPE VERDE – ESCUDO103.16
CAYMAN ISLANDS – DOLLAR0.82
CENTRAL AFRICAN REPUBLIC – CFA FRANC613.79
CHAD – CFA FRANC613.79
CHILE – PESO851.5
CHINA – RENMINBI6.897
COLOMBIA – PESO4845.83
COMOROS – FRANC461.6
CONGO – CFA FRANC613.79
COSTA RICA – COLON591.36
COTE D’IVOIRE – CFA FRANC614.84
CROATIA – KUNA6.87
CROATIA – EURO0.936*
CUBA – Chavito1
CYPRUS – EURO0.936
CZECH REPUBLIC – KORUNA22.102
DEM. REP. OF CONGO – FRANC2012
DENMARK – KRONE6.959
DJIBOUTI – FRANC177
DOMINICAN REPUBLIC – PESO55.72
ECUADOR – DOLARES1.0000
EGYPT – POUND24.74**
EGYPT – POUND29.5**
EL SALVADOR – DOLARES1.0000
EQUATORIAL GUINEA – CFA FRANC613.79
ERITREA – NAKFA15
ESTONIA – EURO0.936
ETHIOPIA – BIRR53.339
EURO ZONE – EURO0.936
FIJI – DOLLAR2.176
FINLAND – EURO0.936
FRANCE – EURO0.936
GABON – CFA FRANC613.79
GAMBIA – DALASI61
GEORGIA – LARI2.665
GERMANY – EURO0.936
GHANA – CEDI9.8***
GHANA – CEDI11.5***
GREECE – EURO0.936
GRENADA – EAST CARIBBEAN DOLLAR2.7
GUATEMALA – QUETZAL7.84
GUINEA – FRANC8554
GUINEA BISSAU – CFA FRANC614.84
GUYANA – DOLLAR215
HAITI – GOURDE145
HONDURAS – LEMPIRA24.552
HONG KONG – DOLLAR7.797
HUNGARY – FORINT374.63
ICELAND – KRONA141.61
INDIA – RUPEE82.599
INDONESIA – RUPIAH15528.42
IRAN – RIAL42000
IRAQ – DINAR1458.53
IRELAND – EURO0.936
ISRAEL – SHEKEL3.518
ITALY – EURO0.936
JAMAICA – DOLLAR150
JAPAN – YEN131.83
JORDAN – DINAR0.708
KAZAKHSTAN – TENGE462.54
KENYA – SHILLING123.25
KOREA – WON1252.61
KOSOVO – EURO0.936
KUWAIT – DINAR0.306
KYRGYZSTAN – SOM85.68
LAOS – KIP17217
LATVIA – EURO0.936
LEBANON – POUND1500
LESOTHO – MALOTI16.948
LIBERIA – DOLLAR153.5
LIBYA – DINAR4.817
LITHUANIA – EURO0.936
LUXEMBOURG – EURO0.936
MADAGASCAR – ARIARY4360
MALAWI – KWACHA1035.49
MALAYSIA – RINGGIT4.4
MALDIVES – RUFIYAA15.42
MALI – CFA FRANC614.84
MALTA – EURO0.936
MARSHALL ISLANDS – DOLLAR1
MAURITANIA – OUGUIYA37
MAURITIUS – RUPEE43.85
MEXICO – PESO19.546
MICRONESIA – DOLLAR1
MOLDOVA – LEU19.08
MONGOLIA – TUGRIK3443.37
MONTENEGRO – EURO0.936
MOROCCO – DIRHAM10.48
MOZAMBIQUE – METICAL 63.24
NAMIBIA – DOLLAR16.948
NEPAL – RUPEE132.25
NETHERLANDS – EURO0.936
NETHERLANDS ANTILLES – GUILDER1.78
NEW ZEALAND – DOLLAR1.575
NICARAGUA – CORDOBA36.15
NIGER – CFA FRANC614.84
NIGERIA – NAIRA440
NORWAY – KRONE9.831
OMAN – RIAL0.385
PAKISTAN – RUPEE226.4
PANAMA – BALBOANot Listed
PANAMA – DOLARES1
PAPUA NEW GUINEA – KINA3.431
PARAGUAY – GUARANI7309.61
PERU – SOL3.786
PHILIPPINES – PESO55.606
POLAND – ZLOTY4.38
PORTUGAL – EURO0.936
QATAR – RIYAL3.64
REP. OF N MACEDONIA – DINAR57.56
REPUBLIC OF PALAU – DOLLAR1
ROMANIA – NEW LEU 4.627
RUSSIA – RUBLE71.481
RWANDA – FRANC1060
SAO TOME & PRINCIPE – NEW DOBRAS23.062
SAUDI ARABIA – RIYAL3.75
SENEGAL – CFA FRANC614.84
SERBIA – DINAR109.69
SEYCHELLES – RUPEE12.87
SIERRA LEONE – LEONE18.8
SINGAPORE – DOLLAR1.34
SLOVAK REPUBLIC – EURO0.936
SLOVENIA – EURO0.936
SOLOMON ISLANDS – DOLLAR7.949
SOMALI – SHILLING565
SOUTH AFRICA – RAND16.948
SOUTH SUDANESE – POUND669
SPAIN – EURO0.936
SRI LANKA – RUPEE363
ST LUCIA – E CARIBBEAN DOLLAR2.7
SUDAN – SUDANESE POUND576
SURINAME – GUILDER31.714
SWAZILAND – LANGENI16.948
SWEDEN – KRONA10.386
SWITZERLAND – FRANC0.923
SYRIA – POUND2510
TAIWAN – DOLLAR30.648
TAJIKISTAN – SOMONI10.16
TANZANIA – SHILLING2329
THAILAND – BAHT34.52
TIMOR – LESTE DILI1
TOGO – CFA FRANC614.84
TONGA – PA’ANGA2.261
TRINIDAD & TOBAGO – DOLLAR6.765
TUNISIA – DINAR3.094
TURKEY – NEW LIRA18.711
TURKMENISTAN – NEW MANAT3.491
UGANDA – SHILLING3715
UKRAINE – HRYVNIA36.569
UNITED ARAB EMIRATES – DIRHAM3.673
UNITED KINGDOM – POUND STERLING0.83
URUGUAY – PESO39.95
UZBEKISTAN – SOM11224.32
VANUATU – VATU119.9
VENEZUELA – BOLIVAR SOBERANO17.236****
VENEZUELA – BOLIVAR SOBERANO19.23****
VENEZUELA – FUERTE (OLD)248832
VIETNAM – DONG23610
WESTERN SAMOA – TALA2.607
YEMEN – RIAL580
ZAMBIA – NEW KWACHA 18.1
ZIMBABWE – RTGS654.66

*Note #1: the official exchange rate for Euro on December 31, 2022 was 0.936; however, with respect to Croatia the Department of the Treasury lists 0.925. We believe that this is a mistake. Please, consult the Department of the Treasury for clarification.

**Note #2: the Treasury Department lists two alternative rates for the Egyptian Pound without clarification which rate should be used for FBAR and Form 8938. We believe that the second rate is correct as it more properly reflects the conversion rate at that time. However, if you wish to follow the safest route, you can use 24.74 conversion rate. Please, consult the Department of the Treasury for clarification.

***Note #3: the Treasury Department lists two alternative rates for the Ghanan Cedi without clarification which rate should be used for FBAR and Form 8938. We believe that the second rate is correct as it more properly reflects the conversion rate at that time. However, if you wish to follow the safest route, you can use 9.8 conversion rate. Please, consult the Department of the Treasury for clarification.

****Note #4: the Treasury Department lists two alternative rates for the Venezuelan Bolivar Soberano without clarification which rate should be used for FBAR and Form 8938. We believe that the second rate is correct as it more properly reflects the conversion rate at that time. However, if you wish to follow the safest route, you can use 17.236 conversion rate. Please, consult the Department of the Treasury for clarification.

2021 FBAR Conversion Rates | FBAR Tax Lawyer & Attorney

The 2021 FBAR conversion rates are highly important in US international tax compliance. The 2021 FBAR and 2021 Form 8938 instructions both require that 2021 FBAR conversion rates be used to report the required highest balances of foreign financial assets on these forms (in the case of Form 8938, the 2021 FBAR conversion rates is the default choice, not an exclusive one). In other words, the 2021 FBAR conversion rates are used to translate foreign-currency highest balances into US dollars for the purposes of FBAR and Form 8938 compliance.

The U.S. Department of Treasury  already published the 2021 FBAR conversion rates online (they are called “Treasury’s Financial Management Service rates” or the “FMS rates”).

Since the 2021 FBAR conversion rates are highly important to US taxpayers, international tax lawyers and international tax accountants, Sherayzen Law Office provides the table below listing the official 2021 FBAR conversion rates (note that the readers still need to refer to the official website for any updates).

Country – Currency Foreign Currency to $1.00
AFGHANISTAN – AFGHANI103.4000
ALBANIA – LEK105.9500
ALGERIA – DINAR138.2840
ANGOLA – KWANZA562.4400
ANTIGUA – BARBUDA – E. CARIBBEAN DOLLAR2.7000
ARGENTINA – PESO107.7500
ARMENIA – DRAM485.0000
AUSTRALIA – DOLLAR1.3750
AUSTRIA – EURO0.8820
AZERBAIJAN – NEW MANAT1.7000
BAHAMAS – DOLLAR1.0000
BAHRAIN – DINAR0.3770
BANGLADESH – TAKA86.0000
BARBADOS – DOLLAR2.0200
BELARUS – NEW RUBLE2.5440
BELGIUM – EURO0.8820
BELIZE – DOLLAR2.0000
BENIN – CFA FRANC581.8400
BERMUDA – DOLLAR1.0000
BOLIVIA – BOLIVIANO6.8200
BOSNIA – MARKA1.7240
BOTSWANA – PULA11.7100
BRAZIL – REAL5.6680
BRUNEI – DOLLAR1.3520
BULGARIA – LEV New1.7240
BURKINA FASO – CFA FRANC581.8400
BURMA – KYAT1,769.5000
BURUNDI – FRANC1,989.1000
CAMBODIA – RIEL4051.0000
CAMEROON – CFA FRANC578.2400
CANADA – DOLLAR1.2770
CAPE VERDE – ESCUDO97.2200
CAYMAN ISLANDS – DOLLAR0.8200
CENTRAL AFRICAN REPUBLIC – CFA FRANC578.2400
CHAD – CFA FRANC578.2400
CHILE – PESO842.5000
CHINA – RENMINBI6.3730
COLOMBIA – PESO4030.4300
COMOROS – FRANC434.7300
CONGO – CFA FRANC578.2400
COSTA RICA – COLON638.2700
COTE D’IVOIRE – CFA FRANC581.8400
CROATIA – KUNA6.4500
CUBA – Chavito1.0000
CYPRUS – EURO0.8820
CZECH REPUBLIC – KORUNA21.4170
DEM. REP. OF CONGO – FRANC1,987.8000
DENMARK – KRONE6.5560
DJIBOUTI – FRANC177.0000
DOMINICAN REPUBLIC – PESO56.7900
ECUADOR – DOLARES1.0000
EGYPT – POUND15.6800
EL SALVADOR – DOLARES1.0000
EQUATORIAL GUINEA – CFA FRANC578.2400
ERITREA – NAKFA15.0000
ESTONIA – EURO0.8820
ETHIOPIA – BIRR49.1320
EURO ZONE – EURO0.8820
FIJI – DOLLAR2.1030
FINLAND – EURO0.8820
FRANCE – EURO0.8820
GABON – CFA FRANC578.2400
GAMBIA – DALASI52.0000
GEORGIA – LARI3.0750
GERMANY – EURO0.8820
GHANA – CEDI6.0500
GREECE – EURO0.8820
GRENADA – EAST CARIBBEAN DOLLAR2.7000
GUATEMALA – QUENTZAL7.7000
GUINEA BISSAU – CFA FRANC581.8400
GUINEA – FRANC9234.2000
GUYANA – DOLLAR215.0000
HAITI – GOURDE99.7710
HONDURAS – LEMPIRA24.2540
HONG KONG – DOLLAR7.7990
HUNGARY – FORINT326.3200
ICELAND – KRONA129.9800
INDIA – RUPEE74.3430
INDONESIA – RUPIAH14,195.2800
IRAN – RIAL42,000.0000
IRAQ – DINAR1,458.5400
IRELAND – EURO0.8820
ISRAEL – SHEKEL3.0990
ITALY – EURO0.8820
JAMAICA – DOLLAR155.0000
JAPAN – YEN115.0400
JORDAN – DINAR0.7080
KAZAKHSTAN – TENGE436.8800
KENYA – SHILLING113.0500
KOREA – WON1,188.9200
KOSOVO – EURO0.8820
KUWAIT – DINAR0.3020
KYRGYZSTAN – SOM84.7910
LAOS – KIP11,148.8000
LATVIA – EURO0.8820
LEBANON – POUND1,500.0000
LESOTHO – MALOTI15.8820
LIBERIA – DOLLAR143.7000
LIBYA – DINAR4.5870
LITHUANIA – EURO0.8820
LUXEMBOURG – EURO0.8820
MADAGASCAR – ARIARY3,902.0000
MALAWI – KWACHA920.0000
MALAYSIA – RINGGIT4.1750
MALDIVES – RUFIYAA15.4200
MALI – CFA FRANC581.8400
MALTA – EURO0.8820
MARSHALL ISLANDS – DOLLAR1.0000
MARTINIQUE – EURO0.8820
MAURITANIA – OUGUIYA37.0000
MAURITIUS – RUPEE43.7500
MEXICO – PESO20.5310
MICRONESIA – DOLLAR1.0000
MOLDOVA – LEU17.6370
MONGOLIA – TUGRIK2,848.6300
MONTENEGRO – EURO0.8820
MOROCCO – DIRHAM9.2710
MOZAMBIQUE – METICAL 63.2000
NAMIBIA – DOLLAR15.8820
NEPAL – RUPEE119.3500
NETHERLANDS – EURO0.8820
NETHERLANDS ANTILLES – GUILDER1.7800
NEW ZEALAND – DOLLAR1.4600
NICARAGUA – CORDOBA35.5000
NIGER – CFA FRANC581.8400
NIGERIA – NAIRA405.0000
NORWAY – KRONE8.7780
OMAN – RIAL0.3850
PAKISTAN – RUPEE177.9700
PANAMA – BALBOANot Listed
PANAMA – DOLARES1.0000
PAPUA NEW GUINEA – KINA3.5090
PARAGUAY – GUARANI6,854.0000
PERU – SOL3.9690
PHILIPPINES – PESO51.0300
POLAND – ZLOTY4.0530
PORTUGAL – EURO0.8820
QATAR – RIYAL3.6400
REP. OF N MACEDONIA – DINAR54.2300
REPUBLIC OF PALAU – DOLLAR1.0000
ROMANIA – NEW LEU 4.3610
RUSSIA – RUBLE74.9990
RWANDA – FRANC1000.0000
SAO TOME & PRINCIPE – NEW DOBRAS21.6230
SAUDI ARABIA – RIYAL3.7500
SENEGAL – CFA FRANC581.8400
SERBIA – DINAR103.5800
SEYCHELLES – RUPEE13.3300
SIERRA LEONE – LEONE11,221.7000
SINGAPORE – DOLLAR1.3520
SLOVAK REPUBLIC – EURO0.8820
SLOVENIA – EURO0.8820
SOLOMON ISLANDS – DOLLAR7.8860
SOMALI – SHILLING575.0000
SOUTH AFRICA – RAND15.8820
SOUTH SUDANESE – POUND421.0000
SPAIN – EURO0.8820
SRI LANKA – RUPEE202.7500
ST LUCIA – E CARIBBEAN DOLLAR2.7000
SUDAN – SUDANESE POUND449.0000
SURINAME – GUILDER19.5310
SWAZILAND – LANGENI15.8820
SWEDEN – KRONA9.0250
SWITZERLAND – FRANC0.9140
SYRIA – POUND2,511.0000
TAIWAN – DOLLAR27.7070
TAJIKISTAN – SOMONI11.2800
TANZANIA – SHILLING2,302.0000
THAILAND – BAHT33.4000
TIMOR – LESTE DILI1.0000
TOGO – CFA FRANC581.8400
TONGA – PA’ANGA2.2290
TRINIDAD & TOBAGO – DOLLAR6.7590
TUNISIA – DINAR2.8760
TURKEY – NEW LIRA12.9560
TURKMENISTAN – NEW MANAT3.4910
UGANDA – SHILLING3,537.0000
UKRAINE – HRYVNIA27.3220
UNITED ARAB EMIRATES – DIRHAM3.6730
UNITED KINGDOM – POUND STERLING0.7400
URUGUAY – PESO44.4500
UZBEKISTAN – SOM10,805.7000
VANUATU – VATU111.2200
VENEZUELA – BOLIVAR SOBERANO4.5780
VENEZUELA – FUERTE (OLD)248,832.0000
VIETNAM – DONG22,765.0000
WESTERN SAMOA – TALA2.5650
YEMEN – RIAL580.0000
ZAMBIA – NEW KWACHA16.6320
ZIMBABWE – RTGS105.9490